South Africa Probes Minister, 2 Others over Pension Fund Scam

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South Africa Probes Minister, 2 Others over Pension Fund Scam

The South Africa government said on Wednesday it was investigating allegations that four government officials had embezzled funds at the state’s pension fund.

The Public Investment Corporation (PIC) said in Johannesburg that it was investigating the deputy minister of finance and chairman of the state-owned PIC, Mondli Gungubele; its acting CEO and two of its board members.

Gungubele said on Wednesday he had done nothing wrong after a whistleblower made new corruption allegations at the pension fund.

“I am confident I have done nothing wrong,” he said in a statement.

Matshepo More, the acting CEO, could not be reached for comment.

The PIC deputy chairman Xolani Mkhwanazi said, an email by the anonymous whistle blower, did not name the two other non-executive directors implicated in the allegations.

The PIC said, in a statement, it would appoint a senior lawyer to help the board with the investigation, but did not disclose the allegations.

The new allegations come as a judicial inquiry into the firm continued to hear evidence from its staff members.

The PIC has nearly 2 trillion rand ($147 billion) of civil servants’ pensions under its custody.

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